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€34m allocated for shipbuilding innovation

Published : 22 Nov 2019, 03:03

Updated : 22 Nov 2019, 10:18

  DF Report

Minister of Economic Affairs Katri Kulmuni. Photo Juha Kauppinen /Finnish parliament.

In an amendment to the budget proposal for 2020, the government on Thursday proposed a grant authorisation of EUR 33.9 million as innovation support for shipbuilding, said the Ministry of Economic Affairs and Employment in a press release.

According to estimates, support will be granted for five to six shipbuilding projects.

“The international competitiveness of the Finnish shipbuilding industry is based on specialisation, innovation and a high level of competence. The additional investments we have now decided on will help to maintain competitiveness,” said Minister of Economic Affairs Katri Kulmuni.

Of the total funding, the re-budgeting of previously allocated appropriations accounts for EUR 20 million and additional funding for EUR 13.9 million.

With the innovation support, the Finnish shipbuilding industry will be able to invest in developing new innovations and thereby strengthen the sector’s international competitiveness.

“Innovation support has played a key role in securing jobs in the shipbuilding industry and in finalising major export deals; it is therefore extremely important to maintain this level of investment and to help ensure a bright future for shipbuilding,” said Kulmuni.